Information System in Small Businesses

According to “18 Amazing Facts About Small Businesses In America” by Aimee Groth and Kim Bhasin (Business Insider, August 24th 2011), there are 28 million small businesses in the US, which outnumber corporations 1162 to 1. Some say that it is very easy to record business transactions in small businesses. However, since small businesses always run on low budget while tremendous marketing and the planning and implementation are required also, information system in small businesses are not usually given enough attention. Today, even small businesses that need only the owners to run have a lot of information that cannot be relied on manual processes. In order to help small businesses’ owners in making right and quick decisions, they need to adapt proper information system for their businesses.

My cousin has a hair salon with five stylists. She doesn’t work there but she has a manager to take care of the shop. She got a very good soft-ware to record all the transactions at first, but then it got so complicated when her employees quit and she had to hire new people. They just have a high rate of employee turnover in hair salons in general. Plus at her salon, she doesn’t have a receptionist to record transactions but every stylist needs to do it by her/himself when checking out a client. Low budget keeps her from having someone who can do it and save time for the stylists. Now the manager finds that training new employees to use the software is frustrated, my cousin decides to go back to manual recording. With all the data they put on paper, my cousin has to record it to the system by the end of day. It is not only time consuming but also a risk of making mistake since the data got transferred twice.

There is no need to discuss about how helpful the information system is to businesses. However, when consider adapting one for a small business, the owner needs to figure all the costs included. It may seem to be one-time cost, but it actually is not. Small business computer system design begins with a need of assessment of the technology expenditures that will be required to create an effective, reliable and expandable system. This needs of assessment will include hardware, software, upgrades and office staff training. Apparently, upgrades and training don’t sound like one-time cost. Upgrades will be fix-cost since the supplier will notice you when you need one, usually in 3 months or 6 months to keep up with changes in technology. Training may be one-time cost to the supplier when you buy the system, but then you still have to train new employees. Even if you train them yourself or have other staffs to train them, it is still a cost to your business as an opportunity cost since the time for training can be used to make revenue/ profit for the business. Finally, there one other cost that has not been counting yet: using cost. When you have somebody to use the software, there is the cost of hiring them to record information. Back to my cousin’s hair salon. She doesn’t have enough money to hire one more person to record transactions, so she takes the risk of recording data wrongly. Mistakes may be made from her employees by putting the wrong data manually or from herself by recording it again by the end of day. It should not be that way if the cost of training and using the system were considered when she set up the salon’s information system.

In conclusion, in today’s increasingly complex and competitive market place, small businesses often face many of the same information technology challenges as much as larger business enterprises, and getting a proper information system in small businesses should be considered seriously in order to help owners with right and quick decision making.

Discover Ideas That Could Mean Big Success In Your Home Business…

As with most things in life, getting your home business going in the right direction is easier when you start with the right knowledge…

Read on to find out useful information on getting your home-based business started.
When beginning your home business, make sure to calculate how much money you will need to pay for initial start up costs. It is true that running a home business is cheaper than an offline business, but it is important to remember that there are still expenses. Estimating the costs of operation for your business is a good way to avoid profit losses early on.

You will find great ongoing support in a related home business forum with others who are doing what you do or want to do. There are many sites available that offer support and ideas to help home businesses succeed. Here you will also find people who understand your challenges and will share their solutions with you. In fact, they can help you conquer any difficulties you encounter.

Be sure to invest in professional looking, quality business cards. There are many online companies that will print your cards for little or no cost. Include all of your contact information and your logo. Don’t forget to include your website address and your email. (This will make you easy to get a hold of).

Pay attention to your own personal health when it comes to your office environment by investing in comfortable and ergonomic equipment. If you have to twist or turn your neck to see the screen, you will be uncomfortable and may even end up permanently injuring your muscles, ligaments or spinal cord.

When you are seated constantly, it is very important to invest in a quality chair. This is also true of keyboards, mice and other computer accessories. You will be surprised at how far you can go with a £200 budget, especially when it comes to office accessories.

When starting out in a home business, you will need a website to start selling your services or products. This will help you reach your target customer base and create more revenue for your business. You can speed up the process of establishing your website and make it less of a hassle by enlisting the help of a professional.

You must create a financial business plan for your home business right from the off.

Correct cash flow is extremely helpful to prepare a statement outlining your projected income for your home business. Inside of the statement, you would guess the growth of your business and it’s needs along the way. These guesses include your future sales and expenses. Your best estimates will provide you with some idea of what you can expect, which will get you better prepared for additional financial business planning.

Keeping track of business expenses helps you stay organized, which will eventually lead to savings at tax time. Keep track of your business expenses, including vehicle costs and internet usage. You can deduct a lot of these expenses from your taxes when you have a business of your own.

Even though the amount seems small, it can quickly add up and save you a lot of money. You shouldn’t have to give the government all of the money that you worked hard to earn using your own creativity and work ethic.

While working at home in your pj’s may seem fun, you may miss daily human interaction… Be sure you go out and have fun from time to time.

Many people who run home businesses are active in online communities. You should always pay attention to and participate in message boards and forums, both ones related to your site and those that are not as well. The best advice about running home based businesses sometimes comes from unexpected places, especially even businesses that are not in your niche.

The separate checking account you open specifically for your business will double as a financial record keeping tool.

All your business transactions and expenses should be made through your business account. This will let you know exactly what is going on with your business at all times. It is also a good idea to open a specific credit card for your business and keep your expenses on this one car.

Market your home based business online as much as humanly possible – the opportunity is huge and wide reaching.

You can create your own website, or have someone design an easy to use site for you. It is important to provide value and offer your customers excellent site content with the ability to make purchases online where practical.

Providing an avenue for them to remain in touch with you is also an important consideration. Continue to fine tune and investigate new ways to make your website a successful marketing tool for your company. A blog that you can update with a newsletter will be something you will want to look in to if you want to get serious marketing online.

Let’s face it; many people would like to turn their dream of a home business into a reality. The main barriers to making those dreams reality are simply lack of will, dam right laziness, coupled with insufficient education and knowledge.

Why Business in Myanmar Is About to Change

Myanmar, also known as Burma, is a country in transition. Business in Myanmar is on the brink of sweeping changes that should usher in long overdue economic prosperity for the citizens of Myanmar.

For decades, Myanmar was tightly controlled by a military regime. During this time, western governments including the United States, the United Kingdom, and other European nations sanctioned Myanmar. With the exception of humanitarian aid for the starving population, western businesses were not allowed to do business in Myanmar.

However, after the 2010 elections in Myanmar, the new Myanmar president and other political leaders ushered in rapid radical reforms and the western world began to take notice. Political prisoners have been freed, the press is now allowed access, and earnest efforts in peace talks have been praised by many. It seems the new Myanmar government is really trying to help its own people and also cultivate business and political relationships with other countries.

In July 2012, President Obama declared that U.S. companies are now free to invest in Myanmar for the first time in 15 years. The UK followed suite soon after. The Myanmar parliament is in the process of passing new legislation that will supplant Myanmar’s existing 1988 investment law. The new law will reform greatly how Myanmar does business with international investors.

The first version of this bill was criticized as being too strict and it was thought by the Federation of Chambers of Commerce and Industry, Myanmar’s top business lobby group, that changes needed to be made. The Myanmar parliament has gone back to the drawing board and it is predicted the changes they are making will attract foreign investors in a big way.

One of the main changes is the original financial cap that was to be placed on foreign investment. Originally it was capped so high that small to medium sized foreign businesses would have been shut out. However, the cap has now been lowered to a level that they can participate.

The tax incentives to foreign businesses have also been increased and extended which will now make doing business in Myanmar much more attractive. In most cases, the tax incentives have been extended from three to five years.

Another primary source of contention in the original version of the new foreign investment law was the inclusion of 13 areas where foreign investment would be restricted. This was designed to protect the primary domestic businesses including agriculture, fishing, and textile manufacturing. However, these restrictions have now been made more lax and now allow for foreign businesses to enter into 50/50 partnerships with domestic Myanmar businesses in these restricted business categories.

The Myanmar Investment Commission will be in charge of regulating the new international business inside the country. They have been putting on a far friendlier face than they have had in the past to woo in the international investors. At the same time, the Myanmar parliament has given them more power in how they handle things. This includes the ability to revoke the tax incentives.

The new changes should have business in Myanmar booming over the next few decades.

Custom Labels Will Help Your Business Grow!

Whether you want attractive colorful custom labels to promote your business inside or out, or bring your business name to the public’s attention, there is much to appreciate in custom labels. They come in a wide variety of sizes, shapes, materials, and colors that are simply amazing! Let’s look at some uses for custom labels.

First the practical applications and uses for labels

Business owners know that the best and most affordable method of promoting their business is with signs. Signs however can be bulky and not quite as portable as they wish for some situations. Stick-on labels can get the job done quite handily because you simply stick them onto any surface (except maybe the employees themselves).

Hard hats, ID tags, coffee cups, cars and truck doors or windows, and store front windows are just some of the practical applications for your custom labels. Custom implies customized and that means you can make them say whatever you want, then apply them wherever as a highly affordable and absolutely effective means of advertising your business.

Custom labels can be window clings that merely adhere and are completely removable when you wish to change it. They can be permanent and stick through wind, weather, and abuse. Labels identify by applying to badges or buttons.

A myriad of uses for the most practical and effective sales tool

1) Businesses such as radio stations give away their custom stickers as a means of promoting the station and to encourage new listeners or advertise their latest contest. These will be small and brightly colored, intended to fit on vehicles rear windows or back bumpers.

2) Pizza delivery is an excellent example of those who only want temporary promotion and can safely remove the label once the job is done.

3) Car dealers may wish to apply permanent decals to the back of cars they’ve sold to advertise a successful sale or as temporary promotion applied to the front and rear windows.

4) Businesses and schools may opt for a temporary parking permit in the form of a removable custom label.

5) Politicians love to see their name on labels all around town! They consider this the absolutely most affordable way to get their name known, perhaps to see spectacular results at the polls.

Custom labels can be bold and beautiful!

Usually made from vinyl or paper, the custom label can be printed on rolls or sheets that are easily handled. Selection of just the right label can be quick and simple and even a child can do it. In fact many kids love these labels and stickers because they can be applied to just about everything they own!

Bright and full of color and brilliant graphics, the ideal label can be applied to almost anything that the owner chooses. Just make sure they are the removable type if you might wish to take them off at a later date. With such colorful and sharp graphics these labels can provide a bold statement or more subtle message depending on the purpose. From shipping labels to user ID, a custom label is truly ideal for its many uses.

Official business labels state their purpose with style and sincerity

MasterCard, Visa, banks, security systems and guards, sports teams and their logos, and other businesses use custom labels to help identify what they represent and who handles their products. How could a sports team function without identifying themselves with brightly colored spirited logos printed on decals and are then applied virtually everywhere that team might play?

How can you know if MasterCard or Visa is accepted in a business unless they promote themselves on the entry doors? It’s all about promoting and competing and that’s what custom labels are all about!

LAST UPDATED ON: February 15, 2018